Answers to Personal Injury, Wrongful Death, and Car Accident Questions
Q: My child was injured in a Riverside, CA personal injury accident. How can we protect her settlement proceeds until she turns 18 years old? Will it earn interest?
A: In California, all personal injury settlements for minors are subject to Court approval. If the net proceeds to the client are substantial (more than $5,000) then the Court typically orders that the money be deposited into a blocked account that can only be accessed by the minor when they turn 18 or prior to that point if the Court issues an order permitting money be withdrawn under very specific circumstances. If the net proceeds are even greater, it usually makes sense to have the proceeds fund an annuity or some type of structured settlement vehicle.
From the sound of your question, you should petition the Court as the parent or guardian of your child for an order to have the proceeds deposited into a blocked account until your kid turns 18 years old. The money will gather interest during that time.
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